Global Ferronickel signs purchase agreement with Baosteel Resources
Global Ferronickel Holdings, Inc. (FNI), through its operating arm Platinum Group Metals Corporation (PGMC), has been awarded by Baosteel Resources International Co. Ltd. a contract to supply one million WMT of nickel ore at market price in 2020. The supply will consist of 50% low-grade and 50% medium- to high-grade nickel ore to be sourced from PGMC’s Cagdianao Nickel Expansion Project in Surigao del Norte. Delivery is expected at the onset of the dry season in April 2020. Baosteel Resources is a wholly owned subsidiary of the leading Chinese steel manufacturer China Baowu Steel Group. The company is engaged in mineral resource investment, trading, and logistics. It specializes in the trading of metallurgic raw materials, of which over 60 million tons are being shipped annually. Its product ranges are iron, ore, coal, alloys, non-ferrous metals, ferrous scraps, metallurgical flux and the like. To date, Baosteel Resources has over 100 suppliers and 40 clients overseas. With headquarters located in Hong Kong, it has strategic footprints in Southeast Asia and the Pacific as well as in some parts of Africa.
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Article by: Ashok MBA – Strategic Financial Coach